French PM Lecornu resigns hours after forming cabinet
12 hours ago
- #Economic Impact
- #Government Resignation
- #French Politics
- French Prime Minister Sébastien Lecornu resigned after just 27 days in office, the shortest tenure in modern French history.
- Lecornu's resignation followed criticism of his newly formed government, which was nearly identical to his predecessor's, sparking political instability.
- Political leaders, including Marine Le Pen and Jean-Luc Mélenchon, called for snap elections and Macron's resignation.
- The Paris stock market dropped sharply following the news, with major French banks seeing significant losses.
- Lecornu was appointed to defuse a political crisis but faced challenges passing an austerity budget in a divided parliament.
- France's public debt has reached a record high, with a debt-to-GDP ratio among the highest in the EU.
- Previous governments bypassed parliamentary votes on budgets, a controversial method Lecornu promised to avoid.